Mastercard Is Using Innovation to Empower People and Power Canada’s Economy
President of Mastercard, Sasha Krstic, on Canadians’ new definition of prosperity and why it matters to business, technology and government leaders
NOT LONG AGO, the word “prosperity” might have evoked an image of financial security. But new research shows Canadians’ perceptions of wealth are changing. “Factors such as record-high inflation and the shifting nature of work continue to reshape Canadian perspectives on our economy and individual prosperity,” says Sasha Krstic, President of Mastercard Canada. “Canadians’ view of prosperity is evolving in tandem with global challenges and societal shifts.”
Canadians split on views of prosperity
New research from Mastercard on Canadians’ economic outlooks reveals polarized views of the country’s prosperity. Forty-one per cent of Canadians say we are prosperous as a nation, while 45 per cent say we are not. But who you are affects this perception. Mastercard found that women are less likely than men to say Canada is prosperous—37 per cent, compared to 45 per cent. And less than half of youth and students, LGBTQ+ individuals and disabled Canadians report feeling personally prosperous, compared to 60 per cent overall. “This gap reinforces the need for more inclusive innovation in policy, commerce and talent development to ensure underrepresented demographics have equitable opportunities to achieve prosperity—however they choose to define it,” says Krstic.
A new definition of prosperity
How we define prosperity is changing, too. “In the face of adversity, Canadians are adapting and reimagining ‘prosperity’ for themselves, their families and for future generations,” Krstic says. Prosperity isn’t just about money, Mastercard found. While 46 per cent say “financial stability/ freedom” is a top factor influencing personal prosperity, other important factors are less fiscally focused. Forty-nine per cent of respondents say health and well-being are most important and 39 per cent mention strong family and personal relationships. “I suspect this broader view of prosperity reflects two core trends. First, baby boomers are entering the ‘senior’ stage of life, where health and well-being are paramount and where financial achievement is largely ‘locked in.’ Second, it illustrates how Gen Z and millennials are adapting their life goals to the economic realities they face and prioritizing work-life balance.” Unsurprisingly, Mastercard found that millennials and Gen Z are less likely to view themselves as prosperous. “Younger generations are less sure of their futures than their parents and grandparents, and the traditional path to Canadian prosperity may feel out of reach,” Krstic says.
Carving out a new path to economic— and overall—wellbeing
These findings present a complicated picture of Canadians’ economic outlooks. For Krstic, they also indicate that to support Canadians in achieving prosperity, industry leaders must adjust their mindsets, too. “Understanding what matters to Canadians in their pursuit of prosperity is crucial for empowering them through innovation, thereby driving economic growth, sustainability and inclusivity,” she says. “By acknowledging and responding to these changing views, we can steer Canada towards a future where prosperity encompasses not only economic indicators but factors such as social equity and shared opportunity.” Krstic believes those in business, technology and government must collaborate to create better opportunities for every generation. For example, Mastercard knows small businesses are the heartbeat of Canada’s economy, so the company makes significant investments to support women and Indigenous entrepreneurs. In 2021, Mastercard launched the Global Intelligence and Cyber Centre of Excellence (GICCoE), a Vancouver-based technology and innovation hub focused on creating solutions in cybersecurity, AI and other advanced technologies. Through the GICCoE, Mastercard partners with post-secondary institutions and nonprofits to cultivate Canada’s tech pipeline with diverse talent who might not otherwise have the opportunity to build careers in STEM. “At Mastercard, we know innovation and technology drive economic growth and can foster inclusivity,” Krstic says. “The stakes to get it right have never been higher. By working together as leaders we can shape the future of the digital economy.”